“Before the crisis, there was only one team dedicated to monitoring and managing liquidity,” Kunghehian said. Liquidity risk was assumed to be small, and the Treasury department was chiefly fine-tuning the profit and loss (P&L) reporting. “It was easy to find liquidity on the market.”

“After Northern Rock, we knew it was possible to go bankrupt in a very short time,” he said. The change in mindset led to greater regulatory pressure, and different reporting metrics than previously.

“Top management has decided to change data governance.” The tools, software, and internal organization all had to be changed in order to be able to run stress testing within a short period of time, and consolidate reports for the whole enterprise, no matter how many jurisdictions.

Top level executives wanted to be aware, because they would be first affected, and the first called upon to answer to external reports.

In the new regime, there are “new missions,” he noted, and these involve top management. “Customers must decide whether they go for strategy or tactics.”

Kunghehian identified three new trends: integration under the enterprise; a large regulator impact; and greater performance monitoring.